Tower Resources plc (“Tower”) announces that Peter Kingston, Executive Chairman, has decided to step down from the Board of Directors of the Company with effect from the end of March 2012. Peter will be CEO of Tower until that time, continuing to oversee the Company’s ongoing operations, with particular emphasis on the completion of the current phase of the EA5 license work programme in Uganda, which is scheduled to conclude during March 2012.
As a first step towards a longer-term separation of the Chairman and CEO roles, Non-Executive Director Jeremy Asher will assume, with immediate effect, the role of Chairman on an interim basis.
The Tower Board is pleased to provide a brief update of progress on activities in Namibia and Uganda:
In Namibia, Arcadia, the License operator, is making good progress with its farm out programme and is now actively considering funding proposals. Tower is confident that a transaction can be concluded in the near future. Timing of a well will be conditional on agreement with the farm-in party.
In Uganda, Tower is now finalising contracts for a rig currently in Uganda and other services, and is expecting final regulatory approvals for a well shortly. Tower is still actively progressing various funding alternatives for this well.
Peter Kingston commented:
“My time with Tower has been hugely enjoyable and engrossing as we have progressed through several phases of exploration and fundraising. It was never my intention to remain with the Company for as long as I have as Executive Chairman and it had long been my plan to step back from the day-to-day running of the business. With the end of the final exploration phase of the EA5 license approaching at the end of March, it is a good time to plan a change to the Company’s leadership.
It has also been clear for some time that changes to the Board to create a stronger independent element by adding to the number of independent directors and formally separating the Chairman and CEO roles were desirable. Jeremy Asher’s wide experience as an independent director makes him the most suitable member of the Board to manage the proposed changes.”
Jeremy Asher, interim Chairman, commented:
“The whole Board would like to thank Peter for his tireless work and his immeasurable contribution to the Company, which we hope will be capped by a successful exploration well in Uganda before Peter takes his leave. Peter’s efforts over the last six years leave the Company in fine shape and poised to embark on an exciting period of exploration. We wish Peter every success in the future.”
For more information on Tower, please visit www.towerresources.co.uk.
Tower Resources PLC
Peter Kingston, Chairman
Northland Capital Partners Limited (Nominated Adviser and Joint Broker)
Gavin Burnell, Edward Hutton
Charles Vaughan (Sales)
020 7796 8800
Patrick d’Ancona, Chris McMahon, Andrew Benbow
020 7920 2358
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